Shares of exchange-traded funds that buy U.S. Treasury bonds with long-term maturities fell Monday, after three straight weeks of declines, as Goldman Sachs...
Shares of exchange-traded funds that buy U.S. Treasury bonds with long-term maturities fell Monday, after three straight weeks of declines, as Goldman Sachs Group analysts forecast the Federal Reserve may cut interest rates next year.
The Fed has been raising interest rates at a slower pace this year as it aims to bring down inflation that’s been easing, but remains above its 2% target. Long-term Treasury bond ETFs have seen losses in 2023, with the central bank continuing to tighten its monetary policy against the backdrop of a resilient U.S. economy.
So far in 2023, the Vanguard Long-Term Treasury ETF has lost 1.9% on a total return basis through Aug. 11, while the iShares 20+ Year Treasury Bond ETF saw a 2.4% loss. The iShares 10-20 Year Treasury Bond ETF has dropped 1.2% over the same period based on total return data from FactSet.The yield on the 10-year Treasury note BX:TMUBMUSD10Y rose 1.5 basis points Monday to 4.181%, after climbing for four straight weeks, according to Dow Jones Market Data.
Goldman has been skeptical of this argument, which is often heard in markets, since early last year, according to Mericle.
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